The sukuk issuance has a tenor of five years at a profit rate of 3.939% per annum, Al-Seyassah newspaper reported.

Last week, ESIC unveiled the debut of $600 million Islamic bonds, saying that the senior unsecured certificates were issued under its recently established $1 billion Sukuk programme listed on the London Stock Exchange (LSE).

The sukuk was oversubscribed 6.2 times with a $3.7 billion orderbook and the participation of over 135 investors from over 20 countries.

The transaction was arranged by First Abu Dhabi Bank (FAB) and Standard Chartered Bank as joint global coordinators.